Increased Cost of Business Grant (ICOB)
As part of Budget 2024, the Government signed off on a package of €257m for the Increased Cost of Business (ICOB) Grant as a vital measure for small and medium businesses.
This grant is intended as a one-time financial aid to help businesses with the increased costs associated with running a business. It's important to note that this is not a waiver for commercial rates, and businesses are expected to continue paying their commercial rates as usual.
To be eligible for this grant, businesses must operate from a location that is commercially rateable by a local authority and must be compliant with their rates arrangements with their local authority.
The grant value for qualifying businesses is calculated as follows:
For qualifying businesses with a 2023 Commercial Rate bill of less than €10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023.
For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.
Business can apply for the grant through their relevant local authority. Your local authority will send you a letter containing your customer number and PIN. You'll need this PIN to register, as well as to submit your self-declaration and bank details.
Businesses must register and provide their details by the deadline of 1st May 2024.
If you have any questions or concerns regarding the energy Top-Up Payment for Business please contact Padraig.
Email: pambrose@nkc.ie
Phone: 01 6754382